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EU regulatory register · MiCA

Article 36Obligation to have a reserve of assets, and composition and management of such reserve of assets

CELEX 32023R1114 · Read on 2026-08-18

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Short answer

1. Issuers of asset-referenced tokens shall constitute and at all times maintain a reserve of assets.

Verbatim from the article. Source: NovaCopilot · https://legal.exploreworldai.com/eu/rattsakter/mica-2023-1114/artikel-36 · Short answer as data · Official text

MiCA, crypto-assets in short

Crypto-asset service providers need authorisation, and issuers need a white paper. Stablecoins have special rules.

Source: NovaCopilot

Official text

Read from the EU Publications Office for this CELEX number. The wording stands as published; nothing here is rewritten or summarised.

1. Issuers of asset-referenced tokens shall constitute and at all times maintain a reserve of assets.

The reserve of assets shall be composed and managed in such a way that:

(a)

the risks associated to the assets referenced by the asset-referenced tokens are covered; and

(b)

the liquidity risks associated to the permanent rights of redemption of the holders are addressed.

2. The reserve of assets shall be legally segregated from the issuers’ estate, as well as from the reserve of assets of other asset-referenced tokens, in the interests of the holders of asset-referenced tokens in accordance with applicable law, so that creditors of the issuers have no recourse to the reserve of assets, in particular in the event of insolvency.

3. Issuers of asset-referenced tokens shall ensure that the reserve of assets is operationally segregated from their estate, as well as from the reserve of assets of other tokens.

4. EBA, in close cooperation with ESMA and the ECB, shall develop draft regulatory technical standards further specifying the liquidity requirements, taking into account the size, complexity and nature of the reserve of assets and of the asset-referenced token itself.

The regulatory technical standards shall establish in particular:

(a)

the relevant percentage of the reserve of assets according to daily maturities, including the percentage of reverse repurchase agreements that are able to be terminated by giving prior notice of one working day, or the percentage of cash that is able to be withdrawn by giving prior notice of one working day;

(b)

the relevant percentage of the reserve of assets according to weekly maturities, including the percentage of reverse repurchase agreements that are able to be terminated by giving prior notice of five working days, or the percentage of cash that is able to be withdrawn by giving prior notice of five working days;

The article continues in the official text.

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Follow-up questions

Knowledge card

Applies
art-issuer: Constitute and maintain a reserve of assets for asset-referenced tokens.
Risk if ignored
critical
What to do
Constitute and maintain a reserve of assets for asset-referenced tokens.
Deadline
No fixed deadline in the register

card:eu:article:mica--art-36 · sha256 81b9993ef29c · Source: NovaCopilot

Obligations, actions and sanctions

  • Article 36 · Role: art-issuer

    Constitute and maintain a reserve of assets for asset-referenced tokens.

    Decision chain (JSON)

Sanction: Administrative penalties decided by the competent national authority under Article 111; amounts follow the Regulation and national law.

Summary of the obligation in the register; the official language versions on EUR-Lex are authoritative. Source: NovaCopilot

Risk, sanction and outcome

  • Art. 36 · art-issuer

    Risk: high · Sanction: administrative_fine, högst At least EUR 5 000 000 maximum for legal persons where Article 111 so requires · Authority: Competent national authority

    Decisions applying the provision: none in the register

    Full chain (JSON)

Outcomes are counted from stored judgments that cite the provision verbatim. Source: NovaCopilot

The text is quoted from the official source and is not legal advice. A national court reads the language version that binds in its jurisdiction.

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